Feel Lucky?
The Dow Jones finished up 57 points for the week while the NDX edged up 6 points.
Volatility VIX was the top performing broad market measre -- we are in panic mode.
Perhaps St. Patricks day will be a “While nuckle day”
Sector Action for the week was plus 554. The Market Barometer started back down
Thursday. Fasten your seatbelts Monday morning.
Bear Stearns BSC being bought as $2 wallpaper. The Financial Sectors are on the bottom
of the barrel actually sucking everything else down with it. Housing HGX sector rallied into
the top ten ranks.
Rydex Alerts- Cash Bullish NDX and Bearish OTC. Either be nimble or stand aside. This
market is the wildest I have ever encountered.
Short term Trading indicator- Tipped bearish. Market breadth turned down Friday.
INTERMEDIATE TERM TRENDS- Tipped Bearish
INTERMEDIATE OSCILLATOR - tipped down Friday. Can you say “retest”
Gold XAU- Number one in Sector rank with some upside.
Basic Materials XLB- A little trade last week this one is going to be a roller coaster this
week. Ultra Basic Materials UYM .
Ultra ETF’s- Bullish NDX QLD and Financial UYG looking at Bullish Basic Materials
SMN. The Short version QiD and bullish QLD are the thing to trade on extremly volatile
days.
Finance BKX, XBD, KCE, KIX- Bernanke’s number one job is to make sure the Banking
system is solvent. He is welcome to show up anytime now. It looks like he has made
arrangements to have lunch at his desk this week.
Utility UTY- Finding support as interest rates sink and Utilities look like a defensive
sector.
China CZH- Paying the price for thier ‘fixed price’ methods. Momentum is now negative.
Retail IRH- Cannot survive the headlines. About ready to take the largest nosedive in five
years.
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